Litecoin (LTC<\/a>) emerged as one of the best-performing cryptocurrencies on March 23, surpassing its top-ranking rivals Bitcoin (BTC<\/a>) and Ether (ETH<\/a>).\u00a0<\/p>\n LTC price rallied 5.5% to reach an intraday high of around $92.50. In comparison, the total crypto market capitalization (TOTAL) has risen 2.25% to $1.14 trillion, with BTC and ETH rising 1.79% and 1.42%, respectively.<\/p>\n The Federal Reserve’s 25 basis points (bps) rate hike<\/a> on March 22 appears to be the key driver behind Litecoin beating its crypto rivals over the past 24 hours. <\/p>\n Notably, LTC price rallied over 15% versus BTC and about 14.5% versus ETH since the Fed announcement. <\/p>\n One reason could be that Litecoin has relatively underperformed the cryptocurrency market in March, dropping over 6.5% month-to-date (MTD) versus the crypto market’s 9.35% gains.<\/p>\n Hence, traders likely saw this as a “buy the dip” opportunity for Litecoin with more upside potential, particularly as there were little to no other notable catalysts.\u00a0<\/p>\n Meanwhile, on-chain data shows a rise in the Litecoin supply held by addresses with a balance between 1 million and 10 million LTC in March. Additionally, the share of supply held by addresses with a balance between 100,000 LTC and 1 million LTC has been dropping.<\/p>\n This suggests that the whales holding 10,000-1 million LTC have been accumulating Litecoin in March to enter the 1 million-10 million LTC holders’ cohort.<\/p>\n A halving event<\/a> occurs when the rewards for mining new blocks get cut in half. <\/p>\n Previous halvings in Bitcoin and Litecoin markets have preceded extended bull runs<\/a>. Therefore, the next Litecoin halving, scheduled for August 2023, could also produce a similar bullish outcome.<\/p>\n Independent market analyst Rekt Capital noted that the euphoria around the Litecoin halving may have influenced traders to buy LTC in the face of a “market-wide dip.”<\/p>\n $LTC<\/a> is showing strength meanwhile most of the market struggles on this market-wide dip<\/p>\n Important not to forget about the #LTC<\/a> Halving this coming August 2023#BTC<\/a> #Crypto<\/a> #LITECOIN<\/a> https:\/\/t.co\/otWMSUAYV9<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) March 22, 2023<\/a><\/p><\/blockquote>\n From a technical perspective, Litecoin looks ready to undergo a price correction in the coming weeks.<\/p>\nLitecoin attracts Bitcoin and Ethereum investors<\/h2>\n
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Whale accumulation ahead of Litecoin halving?<\/h2>\n
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Litecoin halving euphoria<\/h3>\n
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What’s next for LTC price?<\/h2>\n
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